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. <br /> Bonds) if taking,permitting or omitting to take such action would cause any of the Bonds to be <br /> an arbitrage bond or a private activity bond within the meaning of the Code or would otherwise <br /> cause the interest on the Bonds to be included in the gross income of the recipients thereof for <br /> federal income ta�c purposes. The City acknowledges that,in the event of an examination by the <br /> Internal Revenue Service of the exemption from Federal income talcation for interest paid on the <br /> Bonds, under present rules, the City is treated as the"taxpayer" in such examination and agrees <br /> that it will respond in a commercially reasonable manner to any inquiries from the Internal <br /> Revenue Service in connection with such an examination. I <br /> The City also agrees and covenants with the purchasers and holders of the Bonds from <br /> time to time outstanding that, to the extent possible under Illinois law, it will comply with � <br /> whatever federal tax law is adopted in the future which applies to the Bonds and affects the talc- <br /> exempt status of the Bonds. <br /> The Council hereby authorizes the officials of the City responsible for issuing the Bonds, <br /> the same being the Mayor, Clerk and Treasurer of the City, to make such further covenants and <br /> certifications as may be necessary to assure that the use thereof will not cause the Bonds to be <br /> azbitrage bonds and to assure that the interest on the Bonds will be exempt from federal income <br /> taa�ation. In connection therewith, the City and the Council further agree: (a) through their � <br /> officers, to make such further specific covenants, representations as shall be truthful, and <br /> assurances as may be necessary or advisable; (b) to consult with counsel approving the Bonds II <br /> and to comply with such advice as may be given; (c) to pay to the United States, as necessary, II <br /> such sums of money representing required rebates of excess arbitrage profits relating to the <br /> Bonds; (d) to file such forms, statements, and supporting documents as may be required and in a I <br /> timely manner; and (e) if deemed necessary or advisable by their officers, to employ and pay <br /> -29- <br />